Royal Mail has announced on Tuesday that the price of a first class stamp will rise by 15p from October to £1.25.
This comes as the company has said they are facing “increasing cost pressures” amid a “challenged economic environment.”
“We understand the economic challenges that many of our customers are currently facing and have considered the price changes very carefully in light of the significant decline in letter volumes,” said Royal Mail chief commercial officer Nick Landon.
“Letter volumes have reduced dramatically over recent years, down more than 60% from their peak in 2004/5 and 30% since the pandemic. It is vital that the universal service adapts to reflect this new reality.”
Adding, “Royal Mail has been clear that the cost of delivering an ever-decreasing number of letters to an ever-growing number of households six days a week is unsustainable.”